{"id":8425,"date":"2018-03-05T11:11:23","date_gmt":"2018-03-05T19:11:23","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8425"},"modified":"2018-03-03T10:42:13","modified_gmt":"2018-03-03T18:42:13","slug":"prepare-competitive-spring-homebuying-season","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/prepare-competitive-spring-homebuying-season\/","title":{"rendered":"Prepare for A Competitive Spring Homebuying Season"},"content":{"rendered":"<p style=\"text-align: justify;\">With housing inventory far lower than demand and mortgage rates poised to rise, it\u2019s going to be a competitive market for homebuyers this spring.<\/p>\n<p style=\"text-align: justify;\">If you\u2019re looking to buy a home this season, here\u2019s how to prepare yourself to enter the fray.<\/p>\n<p style=\"text-align: justify;\"><strong>1. Get your financial house in order<\/strong><\/p>\n<p style=\"text-align: justify;\">Unless you plan on paying for the house in cash, you\u2019ll need to apply for a mortgage. No matter how streamlined the process is, you\u2019ll still need to gather a significant amount of documentation to give an accurate financial picture to the lender.<\/p>\n<p style=\"text-align: justify;\">Before you even begin house shopping, look at your credit report to make sure there are no errors that could affect your score. Also, pay off any delinquent bills and reduce any other debts you owe so that your debt-to-income ratio (DTI) is favorable. Use a calculator to figure out your DTI and see if you need to make changes. Your goal is to look as attractive to lenders as possible so that you are you approved and can get the best rate on a loan.<\/p>\n<p style=\"text-align: justify;\"><strong>2. Make sure you\u2019ll qualify for a mortgage<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to get a mortgage, lenders want to know you\u2019ll be able to meet your monthly obligations no matter what. This means they\u2019ll ask to see your entire financial situation including employment history, salary, savings, investments, debts and anything else that makes up your net worth. Use a prequalifying mortgage calculator to get an idea of what size loan is right for your needs.<\/p>\n<p style=\"text-align: justify;\">Even if you think you\u2019re a strong candidate, never assume you\u2019ll automatically qualify with the first lender you contact. Lenders\u2019 guidelines have become stricter since the housing crisis of 2008, and you could lose out on the house you want if you can\u2019t close on a loan.<\/p>\n<p style=\"text-align: justify;\">\u201cSometimes one deficiency can be offset by another strength. For example, if you have a higher DTI ratio, saving up enough to put a bigger down payment can help,\u201d says Bill Banfield, executive vice president of capital markets for Quicken Loans.<\/p>\n<p style=\"text-align: justify;\"><strong>3. Choose the right Realtor<\/strong><\/p>\n<p style=\"text-align: justify;\">Unless you\u2019re a seasoned pro, having a Realtor on your side can make a big difference.<\/p>\n<p style=\"text-align: justify;\">\u201cAn experienced agent will know what could happen that might make a deal fall apart and how to keep that from happening,\u201d says Dori Summer, a real estate agent with Keller Williams Realty in Coral Springs, Florida.<\/p>\n<p style=\"text-align: justify;\">Making an offer on a house in a competitive market can require more than just a willingness to pay the price. If a seller has to choose between multiple buyers, they\u2019re likely to choose the one that\u2019s coming to them with the best overall package. A good agent will present your offer along with other information, including your ability to get a loan, how much you\u2019re able to put down and anything else that might make you more appealing than someone else vying for the same property.<\/p>\n<p style=\"text-align: justify;\"><strong>4. Be prepared to pay the price<\/strong><\/p>\n<p style=\"text-align: justify;\">Home prices in close to two-thirds of the housing market are at an all-time high, according to a February 2018 report by the National Association of Realtors.<\/p>\n<p style=\"text-align: justify;\">\u201cSellers in this current market get at least 95 percent of their asking price,\u201d says Samona Rosenberg, a licensed real estate agent with Stein Posner Real Estate Services in Boca Raton, Florida.<\/p>\n<p style=\"text-align: justify;\">If you see the house you want and you know it\u2019s in your budget, it may not make sense to hold out to see if the price will drop.<\/p>\n<p style=\"text-align: justify;\">\u201cThe best properties all have multiple offers,\u201d says Erik Williams, a Realtor with Keller Williams Realty in Cambridge, Massachusetts. \u201cIf it\u2019s a desirable property, it\u2019s desirable to buyers. The people that I see get places under agreement are the most prepared people and the most aggressive.\u201d<\/p>\n<p><a href=\"https:\/\/www.msn.com\/en-us\/money\/home-loans\/4-ways-to-prepare-for-a-competitive-spring-homebuying-season\/ar-BBJoDbR\" target=\"_blank\" rel=\"noopener\">4 Ways to Prepare for A Competitive Spring Homebuying Season<\/a> by Robin Saks Frankel | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With housing inventory far lower than demand and mortgage rates poised to rise, it\u2019s going to be a competitive market for homebuyers this spring. If you\u2019re looking to buy a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/prepare-competitive-spring-homebuying-season\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-8425","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Prepare for A Competitive Spring Homebuying Season &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/prepare-competitive-spring-homebuying-season\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Prepare for A Competitive Spring Homebuying Season &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"With housing inventory far lower than demand and mortgage rates poised to rise, it\u2019s going to be a competitive market for homebuyers this spring. 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